Riyadh, PIF and ACWA Power signed a Memorandum of Understanding (MoU) to explore opportunities to develop power and water infrastructure for PIF’s local real estate portfolio companies.
Under the MoU signed at the 9th edition of the Future Investment Initiative (FII9) in Riyadh, PIF and ACWA Power will collaborate to further advance resilient utilities and sustainable infrastructure projects. The parties intend to cooperate across the spectrum of utilities projects to provide the critical energy and water infrastructure and services to PIF-owned local real estate projects.
The cooperation between PIF and ACWA Power will expand the delivery of quality utilities infrastructure in PIF local real estate projects. This cooperation will also further contribute to maximizing the use of locally produced content and private sector investment in Saudi infrastructure projects.
The signing took place in the presence of Saad Alkroud, Head of the Local Real Estate Division at PIF, and Mohammad Abunayyan, Founder and Chairman of the Board of Directors at ACWA Power. Sahem Nasser, Head of Investment Strategy Department in Local Real Estate Investments Division at PIF, and Khaled Almedbel, Head of KSA Business Development at ACWA Power, signed the non-binding MoU.
PIF continues with its strategic mandate to drive economic impact for Saudi Arabia while securing sustainable returns. It plays a leading role in supporting Saudi economic diversification, further enabling the creation and development of key sectors and opportunities that help shape the global economy.
This MoU is part of PIF’s infrastructure strategy’s initiative to foster partnerships with local and international private sector developers and investors across the infrastructure asset class. It also aligns with the strategy to advance clean and renewable energy, and water infrastructure together among PIF’s priority sectors.
PIF’s local real estate and infrastructure strategy is driving Saudi Arabia’s economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030. PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia.
ABOUT PIF
The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, PIF’s board of directors has been chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 94 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF’s strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least SAR150 billion annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with significant international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.